Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

GKP 04/07/13 - RSI breakouts

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 3731
  • 0 Comments
  • Subscribe to this entry
  • Print
3731
Picture
There's been a triple whammy of RSI breakouts today which is a very bullish signal and price usually follows. Here we see the weekly chart but this, of course, could yet reverse and close inside as there's still Friday to come. I think it's unlike to do that for the following reasons....
Picture
The daily chart on the left shows a clear RSI breakout with price yet to reach its equivalent downtrend. In my experience this is usually an early signal that prices will follow.

In addition, the inside bar mentioned in the previous blog entry has now broken and closed to the upside which is an added bullish signal. As we can see, the downtrend lies at 154p so that's the number to keep our eyes on tomorrow.
Picture
Finally, here's the 4H chart which has been usually helpful recently in terms of RSI supports and resistance. Again, we have the RSI breakout prior to price so if the weekly maintains it's position we'll have a hat-trick of RSI breakouts which should result in a good week next week.

Technically, of course, price hasn't broken out and the downtrend is still technically in play but I've seen this type of action many times before and there's a high probability of an upward move from here in my experience.

Let's see what happens tomorrow. The general markets are also very bullish and likely to be so tomorrow 
0
Trackback URL for this blog entry.

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Thursday, 14 November 2024